Cleveland-Cliffs Inc. (NYSE:CLF) Shares Purchased by First Washington CORP

First Washington CORP raised its position in Cleveland-Cliffs Inc. (NYSE:CLF) by 15.7% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 351,117 shares of the mining company’s stock after purchasing an additional 47,776 shares during the quarter. First Washington CORP owned 0.07% of Cleveland-Cliffs worth $3,300,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Freedom Investment Management Inc. lifted its position in Cleveland-Cliffs by 29.7% during the fourth quarter. Freedom Investment Management Inc. now owns 29,453 shares of the mining company’s stock valued at $277,000 after buying an additional 6,745 shares in the last quarter. CANADA LIFE ASSURANCE Co raised its stake in shares of Cleveland-Cliffs by 17.8% in the 4th quarter. CANADA LIFE ASSURANCE Co now owns 407,136 shares of the mining company’s stock valued at $3,826,000 after acquiring an additional 61,604 shares during the period. NewEdge Advisors LLC lifted its holdings in shares of Cleveland-Cliffs by 21.3% during the 4th quarter. NewEdge Advisors LLC now owns 502,723 shares of the mining company’s stock valued at $4,726,000 after acquiring an additional 88,302 shares in the last quarter. Jump Financial LLC boosted its position in Cleveland-Cliffs by 89.8% during the 4th quarter. Jump Financial LLC now owns 648,730 shares of the mining company’s stock worth $6,098,000 after purchasing an additional 306,961 shares during the period. Finally, Guggenheim Capital LLC increased its holdings in Cleveland-Cliffs by 70.4% in the 4th quarter. Guggenheim Capital LLC now owns 55,730 shares of the mining company’s stock valued at $524,000 after purchasing an additional 23,018 shares in the last quarter. 67.68% of the stock is owned by institutional investors and hedge funds.

Cleveland-Cliffs Trading Up 1.8 %

CLF opened at $7.31 on Friday. Cleveland-Cliffs Inc. has a 12-month low of $6.17 and a 12-month high of $21.15. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 0.55. The stock has a market capitalization of $3.61 billion, a PE ratio of -7.54 and a beta of 1.93. The firm’s fifty day moving average price is $9.29 and its 200 day moving average price is $10.69.

Cleveland-Cliffs (NYSE:CLF) last issued its earnings results on Monday, February 24th. The mining company reported ($0.68) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.65) by ($0.03). The company had revenue of $4.33 billion during the quarter, compared to analyst estimates of $4.46 billion. Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. As a group, research analysts expect that Cleveland-Cliffs Inc. will post -0.79 EPS for the current fiscal year.

Wall Street Analyst Weigh In

CLF has been the subject of several analyst reports. Morgan Stanley decreased their target price on Cleveland-Cliffs from $13.00 to $11.00 and set an “equal weight” rating for the company in a research report on Monday, February 3rd. Glj Research decreased their price target on Cleveland-Cliffs from $14.54 to $12.90 and set a “buy” rating for the company in a report on Thursday, February 27th. B. Riley reiterated a “buy” rating on shares of Cleveland-Cliffs in a research note on Tuesday, February 4th. Finally, The Goldman Sachs Group decreased their target price on shares of Cleveland-Cliffs from $17.00 to $15.00 and set a “buy” rating for the company in a research note on Tuesday, March 4th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Cleveland-Cliffs has a consensus rating of “Moderate Buy” and a consensus price target of $16.24.

Insiders Place Their Bets

In other Cleveland-Cliffs news, EVP Keith Koci purchased 9,500 shares of Cleveland-Cliffs stock in a transaction dated Friday, February 28th. The shares were bought at an average cost of $10.81 per share, for a total transaction of $102,695.00. Following the transaction, the executive vice president now owns 543,475 shares in the company, valued at $5,874,964.75. This represents a 1.78 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Jane M. Cronin purchased 10,000 shares of the firm’s stock in a transaction dated Friday, February 28th. The stock was acquired at an average cost of $10.56 per share, with a total value of $105,600.00. Following the completion of the acquisition, the director now directly owns 24,522 shares in the company, valued at approximately $258,952.32. This trade represents a 68.86 % increase in their position. The disclosure for this purchase can be found here. Insiders have bought a total of 23,500 shares of company stock valued at $243,095 in the last quarter. Insiders own 1.76% of the company’s stock.

About Cleveland-Cliffs

Cleveland-Cliffs is the largest flat-rolled steel company and the largest iron ore pellet producer in North America. The company is vertically integrated from mining through iron making, steelmaking, rolling, finishing and downstream with hot and cold stamping of steel parts and components. The company was formerly known as Cliffs Natural Resources Inc and changed its name to Cleveland-Cliffs Inc in August 2017.